RenaissanceRe (NYSE:RNR) Rating Lowered to Hold at StockNews.com

StockNews.com downgraded shares of RenaissanceRe (NYSE:RNR) from a buy rating to a hold rating in a research report report published on Tuesday morning.

Other equities analysts also recently issued research reports about the stock. Barclays assumed coverage on shares of RenaissanceRe in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price objective for the company. Citigroup boosted their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. UBS Group cut their target price on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. Jefferies Financial Group lifted their target price on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Wells Fargo & Company raised their price target on RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and a consensus target price of $289.00.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $272.55 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market capitalization of $14.41 billion, a price-to-earnings ratio of 6.02, a PEG ratio of 1.80 and a beta of 0.38. RenaissanceRe has a one year low of $188.24 and a one year high of $284.36. The company’s 50-day simple moving average is $263.56 and its 200-day simple moving average is $238.02.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, topping the consensus estimate of $10.88 by $1.53. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The company had revenue of $2.95 billion during the quarter, compared to analyst estimates of $2.93 billion. Equities analysts anticipate that RenaissanceRe will post 39.96 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend was Friday, September 13th. RenaissanceRe’s payout ratio is currently 3.45%.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the sale, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Riverview Trust Co bought a new stake in shares of RenaissanceRe in the 1st quarter worth $26,000. Blue Trust Inc. bought a new stake in RenaissanceRe in the second quarter worth about $27,000. ORG Wealth Partners LLC acquired a new stake in RenaissanceRe in the 3rd quarter valued at about $30,000. V Square Quantitative Management LLC bought a new position in shares of RenaissanceRe during the 2nd quarter valued at about $31,000. Finally, Mather Group LLC. acquired a new position in shares of RenaissanceRe in the 1st quarter worth approximately $34,000. Institutional investors own 99.97% of the company’s stock.

About RenaissanceRe

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.